# HOKKAIDENKO CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第86期(2025/04/01－2026/03/31) (S100YH4H)
> Page: https://vizora.meequs.com/en/company/hokkaidenko
> Retrieved: 2026-09-30T19:50:48.628Z

## Company

Hokkaidenko is a company in Plant Engineering & Building Services listed on Sapporo. It has 1,794 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HOKKAIDENKO CORPORATION |
| Ticker | 1832 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1832.T) |
| Listing | Sapporo |
| Head office | 北海道札幌市白石区菊水2条1丁目8番21号 |
| Representative (per filing) | 取締役社長 藪下裕己 |
| Share capital | ¥1.73B |
| Employees (consolidated) | 1,794 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | March |
| Website | www.hokkaidenko.co.jp (https://www.hokkaidenko.co.jp/) |
| Corporate number | 7430001021532 |
| EDINET | E01855 |
| Industries (Vizora) | Plant Engineering & Building Services |

> Profile source: annual securities report (S100YH4H, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Plant Engineering & Building Services (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 35.4 | 72 |
| Profitability | 32.2 | 76 |
| Cash conversion | 35.8 | 74 |
| Efficiency | 90.1 | 76 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- Hokkaidenko brought in ¥72.4B in revenue.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +5.1% from the prior year, operating profit +42.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥72445000000 → ¥3717000000
- Net income → operating cash flow: ¥3717000000 → ¥2710000000（difference ¥-1007000000）
- Main uses of operating cash flow: CapEx ¥818000000 / dividends ¥414000000 / buybacks ¥0
- Change in cash: ¥1519000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥72.4B |  |
| Operating income | ¥4.97B | Margin 6.9% |
| Net income | ¥3.72B | Margin 5.1% |
| Free cash flow | ¥1.89B |  |
| Employees (consolidated) | 1,794 |  |
| EPS | ¥182.49 |  |
| Book value per share | ¥1645.96 |  |
| Equity ratio | 66.9% |  |
| Shares outstanding | 20,733,107 |  |
| Treasury shares | 14,700 |  |
| Shareholders | 1,965 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 22.9% | Cash ÷ revenue 17.5% |
| Vs. industry median margin | -2.2 pp | Plant Engineering & Building Services |
| ROE | 11.5% | Derived from disclosed figures |
| ROA | 7.1% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥57149000000 | ¥72445000000 | +26.8% |
| Operating income | ¥729000000 | ¥4974000000 | +582.3% |
| Operating margin | 1.3% | 6.9% | +5.6 pp |
| Employees | 1,858 people | 1,794 people | -3.4% |
| Cash and equivalents | ¥6245000000 | ¥12658000000 | +102.7% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 72,445 | 100.0% | S100YH4H |
| Cost of revenue | 64,543 | 89.1% | S100YH4H |
| Gross profit | 7,902 | 10.9% | S100YH4H |
| SG&A | 2,928 | 4.0% | S100YH4H |
| Operating income | 4,974 | 6.9% | S100YH4H |
| Ordinary income | 5,185 | 7.2% | S100YH4H |
| Pretax income | 5,176 | 7.1% | S100YH4H |
| Income tax | 1,458 | 2.0% | S100YH4H |
| Net income | 3,717 | 5.1% | S100YH4H |
| Net income attributable to owners | 3,717 | 5.1% | S100YH4H |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 89 |
| SG&A | 4 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 10.9% → Operating margin 6.9% → Net margin 5.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.1%; Core profit growth: +42.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 8.39×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 68,925 | 72,445 | 3,520 | +5.1% |
| Gross profit | 6,238 | 7,902 | 1,664 | +26.7% |
| Operating income | 3,482 | 4,974 | 1,492 | +42.8% |
| Net income attributable to owners | 2,481 | 3,717 | 1,236 | +49.8% |
| Operating cash flow | 4,628 | 2,710 | -1,918 | -41.4% |
| Free cash flow | 2,752 | 1,892 | -860 | -31.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 59,350 | 1,452 | 2.4% | 1,080 | 3,517 | 2,870 | S100LS8Z |
| FY ending Mar 2021 | 57,149 | 729 | 1.3% | 596 | -842 | -1,808 | S100OI37 |
| FY ending Mar 2022 | 59,626 | 1,322 | 2.2% | 988 | 4,337 | 3,761 | S100R7MT |
| FY ending Mar 2023 | 71,005 | 1,261 | 1.8% | 938 | 1,704 | 1,134 | S100TVRW |
| FY ending Mar 2024 | 60,099 | 2,856 | 4.8% | 2,019 | -1,303 | -2,677 | S100W7KL |
| FY ending Mar 2025 | 68,925 | 3,482 | 5.1% | 2,481 | 4,628 | 2,752 | S100YH4H |
| FY ending Mar 2026 | 72,445 | 4,974 | 6.9% | 3,717 | 2,710 | 1,892 | S100YH4H |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥40.4M |
| Operating income per employee (consolidated) | ¥2.8M |
| Net income per employee (consolidated) | ¥2.1M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,825 | 1,800 | 1,806 | 1,791 | 1,794 |
| Average salary (parent company) | ¥6.1M | ¥6.1M | ¥6.1M | ¥6.4M | ¥6.7M |
| Average age (parent company) | 46.3 years | 46.2 years | 46.2 years | 46.5 years | 46.4 years |
| Average tenure (parent company) | 21.0 years | 21.2 years | 21.3 years | 21.6 years | 21.7 years |

Year over year: Employees (consolidated) +0.2% · Revenue (consolidated) +5.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,710 | 3.7% | S100YH4H |
| Capital expenditure | 818 | 1.1% | S100YH4H |
| Free cash flow | 1,892 | 2.6% | 算出 |
| Investing cash flow | -769 | -1.1% | S100YH4H |
| Financing cash flow | -421 | -0.6% | S100YH4H |
| Dividends paid | 414 | 0.6% | S100YH4H |
| Share buyback | 0 | 0.0% | S100YH4H |
| Change in cash | 1,519 | 2.1% | S100YH4H |
| Cash and equivalents | 12,658 | 17.5% | S100YH4H |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 7,811 | 11,731 | 8,863 | 11,139 | 12,658 | S100TVRW, S100W7KL, S100YH4H |
| Total assets | 42,776 | 44,173 | 46,787 | 49,800 | 55,202 | S100R7MT, S100TVRW, S100W7KL, S100YH4H |
| Net assets | 26,895 | 27,654 | 30,058 | 33,311 | 36,932 | S100TVRW, S100W7KL, S100YH4H |
| Share capital | 1,730 | 1,730 | 1,730 | 1,730 | 1,730 | S100R7MT, S100TVRW, S100W7KL, S100YH4H |
| Property, plant and equipment | 10,111 | 10,694 | 11,131 | 11,691 | 12,216 | S100R7MT, S100TVRW, S100W7KL, S100YH4H |
| Intangible assets excluding goodwill | 225 | 210 | 257 | 277 | 319 | S100R7MT, S100TVRW, S100W7KL, S100YH4H |
| Investment securities | 1,528 | 1,562 | 1,737 | 1,835 | 2,174 | S100R7MT, S100TVRW, S100W7KL, S100YH4H |
| Current assets | 28,856 | 29,614 | 31,790 | 34,383 | 39,194 | S100R7MT, S100TVRW, S100W7KL, S100YH4H |
| Current liabilities | 10,135 | 10,652 | 11,485 | 13,146 | 15,456 | S100R7MT, S100TVRW, S100W7KL, S100YH4H |
| Total liabilities | 15,881 | 16,519 | 16,728 | 16,488 | 18,270 | S100R7MT, S100TVRW, S100W7KL, S100YH4H |
| Equity attributable to owners of parent | 25,936 | 26,667 | 28,479 | 30,546 | 33,850 | S100R7MT, S100TVRW, S100W7KL, S100YH4H |
| Retained earnings | 19,178 | 19,909 | 21,721 | 23,788 | 27,091 | S100R7MT, S100TVRW, S100W7KL, S100YH4H |
| Treasury stock | -3 | -3 | -3 | -3 | -3 | S100R7MT, S100TVRW, S100W7KL, S100YH4H |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100YH4H |
| Property, plant and equipment | 22% | S100YH4H |
| Intangibles and goodwill | 1% | S100YH4H |
| Investment securities | 4% | S100YH4H |
| Other assets | 50% | S100YH4H |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 33% | S100YH4H |
| Equity | 67% | S100YH4H |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 42,776 | 44,173 | 46,787 | 49,800 | 55,202 |
| Equity | 26,895 | 27,654 | 30,058 | 33,311 | 36,932 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,811 | 11,731 | 8,863 | 11,139 | 12,658 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 16.9% | S100YH4H |
| Fixed assets ÷ total assets | 22.1% | S100YH4H |
| Goodwill ÷ parent equity | — | —, S100YH4H |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 22.9% |
| Cash ÷ revenue | 17.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 54.5% |
| Cash vs. profit gap | -1,007 JPY mn (of net income -27.1%) |
| Shareholder returns / net income | 11.1% |
| Shareholder returns / FCF | 21.9% |
| Shareholder payments — dividends / net income | 11.1% |
| Shareholder payments — dividends / FCF | 21.9% |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| Investing CF relative to operating CF | 28.4% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 1.7% | 1.39× | 2.3% | 1.65× | 3.8% | S100R7MT |
| 2023 | 1.3% | 1.63× | 2.2% | 1.65× | 3.6% | S100TVRW |
| 2024 | 3.4% | 1.32× | 4.4% | 1.65× | 7.3% | S100W7KL |
| 2025 | 3.6% | 1.43× | 5.1% | 1.64× | 8.4% | S100YH4H |
| 2026 | 5.1% | 1.38× | 7.1% | 1.63× | 11.5% | S100YH4H |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 北海道電力ネットワーク株式会社 | Major shareholder | 55.6% | 2026-03-31 |
| 北海電工協力会持株会 | Major shareholder | 7.6% | 2026-03-31 |
| 北海電工従業員持株会 | Major shareholder | 3.4% | 2026-03-31 |
| 美和電気工業株式会社 | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社ザイエンス | Major shareholder | 1.3% | 2026-03-31 |
| 株式会社野村商店 | Major shareholder | 0.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（三井住友信託銀行再信託分・株式会社ダイヘン退職給付信託口） | Major shareholder | 0.7% | 2026-03-31 |
| 石垣電材株式会社 | Major shareholder | 0.7% | 2026-03-31 |
| 共和電気工業株式会社 | Major shareholder | 0.5% | 2026-03-31 |
| 佐々木 嘉樹 | Major shareholder | 0.4% | 2026-03-31 |
| みずほ信託銀行株式会社 | Major shareholder | 0.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第86期(2025/04/01－2026/03/31) | S100YH4H | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YH4H,, |
| 有価証券報告書－第85期(2024/04/01－2025/03/31) | S100W7KL | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7KL,, |
| 有価証券報告書－第84期(2023/04/01－2024/03/31) | S100TVRW | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVRW,, |
| 有価証券報告書－第83期(2022/04/01－2023/03/31) | S100R7MT | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7MT,, |
| 有価証券報告書－第82期(令和3年4月1日－令和4年3月31日) | S100OI37 | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OI37,, |
| 有価証券報告書－第81期(令和2年4月1日－令和3年3月31日) | S100LS8Z | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LS8Z,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).